Sebi board meeting today likely to review rules for foreign investors, listings for start-ups

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Mumbai, Ta. August 20, 2019, Tuesday

Sources suggest that the recommendations of the HR Khan Committee's presidential recommendations on the rules for Foreign Portfolio Investors (FPIs) by the Securities and Exchange Board of India (SEBI), the capital market regulator, will be approved tomorrow. The committee was formed to simplify and liberalize the rules regarding FPIs.

Sebi is also likely to review the rules for Innovators Growth Platform (IGP) on start-ups at this board meeting. The recommendations of the Khan Committee, including the fast track registration process for select categories to FPIs, are included in the recommendations on FPIs. This category of FPIs includes broad-based funds such as mutual funds, investment trusts, insurance / reinsurance companies, banks, investment managers / advisors and portfolio managers.

According to the Khan Committee report, a risk-based approach to speed up the FPIs on-boarding process and leverage and increase efficiencies would be a fast track process for some types of institutional investors, such as public retail funds, which are considered to be stable class investors. General Chat Chat Lounge Apart from this, fast track registration and KYC process can also be applied for FPIs as long as they are only investing under RBI-approved Voluntary Retention Route (VRR).

In addition to these other steps, it is recommended to simplify the registration process of the Multiple Investment Manager (MIM) in which the same legal entity is receiving multiple registrations. Under the MIM framework, the registration process should be made faster, simpler for the information needed for additional account registration, including KYC details that are already available in the system. This will reduce the complexity of doing the same documentation more than once.

Meanwhile, the SEBI board meeting may also require consideration by credit rating agencies for companies to make it easier for companies to obtain information from banks and other financial institutions regarding loan default. Currently banks do not provide such information under the standard of confidentiality. In addition, the agenda of the SEBI Board meeting is likely to consider the standards of facilitating the buyback of shares by listed companies with specialized housing finance and subsidiaries in the NBFCs sectors.


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